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Advantages of a Pre-Approved Mortgage
After making the decision to invest in a new home, the excitement can be overwhelming. When you locate the right property, you will know it. Finally your dreams can become reality. It is important, however, to know how much you can borrow before setting your sights too high on a home that you cannot afford. Do not become disappointed before you get started.
Knowing What You Can Afford
If you apply for a pre-approved mortgage before starting your new home search, you can define your price range and focus on homes that fit that scope. A pre-approved mortgage is the sensible approach to buying your property. Lenders will guarantee a set some of financing and the best rate available, based on your situation, for a set time period (usually 90-120 days) while you locate your dream home.
Using a Realtor
Many realtors require that you have a pre-approved mortgage before they start searching for your ideal home. This will help to ensure that your realtor shows you only properties that you can afford, and save both of you time in the house hunting process.
Pre-approval Makes Buying More Convenient
If several buyers are interested in the same property that you are, being pre-approved can give you the advantage. Sellers are more likely to accept an offer from a buyer who has been pre-approved over a buyer who has no guarantee that they can attain the financing for the amount they offered.
Our professional mortgage brokers are waiting to help you get that pre-approved mortgage. Simply fill out our convenient online mortgage application and start your home search with the confidence of knowing that you are approved.